Induction Cooktops Market by Product, Use, Style, Distribution

Description

List of Tables

[184 Pages Report] The Induction Cooktops Market size was estimated at USD 903.47 million in 2023 and expected to reach USD 969.90 million in 2024, at a CAGR 7.41% to reach USD 1,490.82 million by 2030.

An induction cooktop is a type of cooking appliance that utilizes electromagnetic energy to heat pots & pans directly through induction. Unlike traditional cooking stoves that generate heat indirectly through an electric coil or a gas burner, an induction cooktop creates heat energy inside the cookware itself. This is achieved by a copper coil placed under the cooktop surface, through which an alternating electric current is passed. This current produces a fluctuating magnetic field that induces an electric current in the ferromagnetic cookware placed on it, which in turn produces heat. Induction cooktops are known for their efficient heat transfer, precise temperature control, and overall safety. Innovations in cooktop design coupled with rising energy costs prompting a shift to more efficient appliances have increased the adoption of induction cooktops. Moreover, growing environmental awareness and government initiatives and subsidies promoting energy-efficient appliances contribute to market growth. However, the higher initial cost of induction cooktops compared to traditional cooking appliances and resistance to change from traditional cooking methods may challenge the market's growth. Nevertheless, with the growing trend toward smart kitchen appliances, developments in induction cooktops with connectivity features allowing for remote control and diagnostics are expected to boost market growth. Moreover, customizable and multi-functional units tailored to specific cooking needs are anticipated to open new market segments.

KEY MARKET STATISTICS
Base Year [2023]	USD 903.47 million
Estimated Year [2024]	USD 969.90 million
Forecast Year [2030]	USD 1,490.82 million
CAGR (%)	7.41%

Product: Increasing preferences for free-standing & portable induction cooktops owing to their versatility and convenience in use

Built-in induction cooktops are integrated into the kitchen countertop, offering a seamless and sleek appearance that enhances the aesthetic appeal of modern kitchen designs. These cooktops come in various sizes, typically 30 to 36 inches, but can be larger to accommodate multiple cooking zones. Built-in induction cooktops are known for their precise temperature control, energy efficiency, and safety features. They utilize electromagnetic fields to heat pots and pans directly without heating the cooking surface, thus reducing the risk of burns and making them a safer choice for households with children. Additionally, these cooktops usually include advanced features such as touch controls, pan size recognition, and auto-shutoff functions for enhanced ease of use and safety. Free-standing and portable induction cooktops provide versatility and convenience for various cooking scenarios. Unlike their built-in counterparts, these cooktops are not confined to the kitchen counter and can be moved as needed, making them an excellent choice for those with limited kitchen space, renters, or individuals who require additional cooking surfaces for special occasions or outdoor cooking. Portable induction cooktops are typically compact, with one or two cooking zones, and are designed for use on tabletops or stable surfaces. Their portability allows for easy storage when not in use.

Use: proliferation of induction cooktops in commercial settings owing to their efficiency and advance features

Induction cooktops in a commercial setting offer numerous benefits to professional kitchens, including efficiency. They utilize electromagnetic energy to heat pots & pans directly, resulting in faster cooking times & reduced ambient heat, a significant advantage in the often high-pressure, high-temperature environment of commercial kitchens. Furthermore, induction cooktops are known for their precise temperature control, which is essential for the meticulous requirements of gourmet cooking. With enhanced safety features such as no open flames and surfaces that remain cool to the touch except directly under the cookware, they minimize the risk of burns and fires. On the sustainability front, they are also esteemed for lower energy consumption, leading to reduced utility costs for businesses. For residential use, induction cooktops provide homeowners with a modern, efficient, and safe cooking option. They seamlessly blend into contemporary kitchen designs and offer considerable energy savings as only the cookware is heated, not the entire cooktop surface. This leads to less waste of heat energy and can contribute to lower home energy costs.

Style: suitability of multi-element induction cooktops in preparing complex meals with different cooking requirements

Multi-element induction cooktops are designed for versatility and efficiency in the kitchen. These cooktops feature multiple cooking zones, each with its own induction coil, allowing users to cook several dishes simultaneously. The multi-element configuration is ideal for households or professional settings where preparing complex meals with different cooking requirements is common. Some advanced models can combine zones for larger cookware, providing flexibility for any cooking scenario. Additionally, multi-element cooktops often come with smart features such as precise temperature control, pan size recognition, and programmable settings, which enhance the cooking experience and improve energy efficiency. Single-element induction cooktops cater to those who favor simplicity and compactness. These cooktops possess a single cooking zone and are suited for smaller living spaces such as studio apartments and dormitories or for use as a portable cooking option. The single-element design focuses on straightforward functionality without the extra features accompanying multi-element models. It is an excellent choice for individuals or small families that typically prepare one dish at a time or do not require multiple burners for their cooking habits. Economical in nature, single-element cooktops are more affordable, easier to install, and consume less energy.

Distribution: Growing preferences for e-commerce owing to convenience and price affordability

Offline distribution channels remain a significant avenue for the sales of induction cooktops. They include traditional brick-and-mortar stores such as home appliance retailers, department stores, and specialty kitchenware stores. These stores play an important role in the consumer's purchasing journey by offering a tactile experience where customers can physically inspect the induction cooktops, assess their build quality, and demonstrate their features and benefits from knowledgeable sales staff. Besides, offline distribution includes direct sales through the manufacturer's retail outlets, which may offer in-depth brand experience and after-sales service. The online distribution channel for induction cooktops has grown exponentially with the rise of e-commerce. Consumers appreciate the convenience of shopping from home, often with the benefit of reading customer reviews and easily comparing prices and features across different models and brands. Online retail giants and specialized home appliance e-retailers serve as the main components of online distribution. They may offer competitive pricing, diverse selections, and often additional incentives such as free shipping, extended warranties, or exclusive online discounts. Moreover, manufacturers may sell their induction cooktops directly to consumers through their websites, providing detailed product information, virtual product demonstrations, and customer support. In addition, the online marketplace platforms allow third-party sellers to reach consumers, further increasing the availability and competition within the market.

Regional Insights

In the Americas, the United States leads the induction cooktop market, largely due to the established real estate sector and high consumer spending power on kitchen renovations. The U.S. continues to see a rise in the adoption of smart home systems, contributing to increased sales of advanced induction cooktop models. South America shows potential for market penetration, with countries such as Brazil and Argentina slowly adopting induction technology amid rising energy costs and concerns about gas safety. Europe is a major market for induction cooktops, with Scandinavian countries, including Germany, France, and the UK, exhibiting high adoption rates due to their strong focus on energy efficiency and sustainability. The mature markets in Western Europe are seeing advancements in induction cooktops with multifunctional and integrated designs. In the Middle East and Africa, the market is still at a nascent stage but is expected to grow due to urbanization and the expansion of retail channels. Luxury real estate projects in the Middle East are increasingly incorporating induction cooktops as a standard, owing to their modern appeal and convenience. The APAC region shows an opportunistic landscape for the growth of the induction cooktop market owing to increasing demand in large population countries, including China and India, supported by a rapidly growing middle class. The region is seeing significant investment in product innovation, with local brands competing on features and price. Additionally, initiatives by governments in the region to promote energy-efficient appliances are expected to boost the adoption of induction cooktops.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Induction Cooktops Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Induction Cooktops Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Induction Cooktops Market, highlighting leading vendors and their innovative profiles. These include Bajaj Electricals Ltd., Borosil Limited, Bray & Scarff Appliance & Kitchen Specialists, BSH Home Appliances Corporation, CookTek, LLC, Dacor, Inc., Electrolux Group, Frigidaire Appliance Company, Haier Group Corporation, Hincoo Inc., iBELL, Impulse Labs, Inc., Inalsa Appliances Ltd., Inter IKEA Systems B.V., KENT RO Systems Ltd, Koninklijke Philips N.V., Lestov, LG Corporation, Miele Group, MODENA, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., SMEG S.p.A., Stovekraft Limited, Sub-Zero Group, Inc., TTK Prestige Ltd., V-Guard Industries Ltd, Whirlpool Corporation, and Wonderchef Home Appliances Pvt. Ltd..

Market Segmentation & Coverage

This research report categorizes the Induction Cooktops Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Built-in Induction Cooktops
- Free-standing & Portable Induction Cooktops

Use
- Commercial
- Residential

Style
- Muti-Element
- Single Element

Distribution
- Offline
- Online

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Induction Cooktops Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Induction Cooktops Market?

3. What are the technology trends and regulatory frameworks in the Induction Cooktops Market?

4. What is the market share of the leading vendors in the Induction Cooktops Market?

5. Which modes and strategic moves are suitable for entering the Induction Cooktops Market?

Product Code: MRR-431E6020C752

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing Urbanization and Safety Aspects Resulting in Increased Adoption
  - 5.1.1.2. Rising Prices of LPG and Technology Advancements
  - 5.1.1.3. Supportive Government Initiatives for the Highly Efficient induction Cooktops Compared to Gas Cooktops
- 5.1.2. Restraints
  - 5.1.2.1. Expenses Associated with Induction Cooktops-Scientific Utensils along with Competition from Gas Cooktops
- 5.1.3. Opportunities
  - 5.1.3.1. Introduction of Improved Quality Products with Advanced Features
  - 5.1.3.2. Growing Trend of Modular Kitchen and Facilities Offered by Developing Real Estate
- 5.1.4. Challenges
  - 5.1.4.1. Risk of Health Issues Associated with the Use of Induction Cooktops
5.2. Market Segmentation Analysis
- 5.2.1. Product: Increasing preferences for free-standing & portable induction cooktops owing to their versatility and convenience in use
- 5.2.2. Use: proliferation of induction cooktops in commercial settings owing to their efficiency and advance features
- 5.2.3. Style: suitability of multi-element induction cooktops in preparing complex meals with different cooking requirements
- 5.2.4. Distribution: Growing preferences for e-commerce owing to convenience and price affordability
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Induction Cooktops Market, by Product

6.1. Introduction
6.2. Built-in Induction Cooktops
6.3. Free-standing & Portable Induction Cooktops

7. Induction Cooktops Market, by Use

7.1. Introduction
7.2. Commercial
7.3. Residential

8. Induction Cooktops Market, by Style

8.1. Introduction
8.2. Muti-Element
8.3. Single Element

9. Induction Cooktops Market, by Distribution

9.1. Introduction
9.2. Offline
9.3. Online

10. Americas Induction Cooktops Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Induction Cooktops Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Induction Cooktops Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Impulse Unveils Battery-Integrated Cooktop at CES 2024
- 13.3.2. Partnering with PLN, MODENA Introduces Induction Cooktops
- 13.3.3. GE Appliances Launches New Induction Cooktop Line-Up Packed with Connected Capabilities Across Brands
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio